Nigeria has entered into discussions with Brazilian energy giant Petrobras over the potential exploration of deep offshore oil blocks, marking a possible return of the company to the Nigerian oil sector after more than a decade of absence.
Foreign Affairs Minister Yusuf Tuggar disclosed that Petrobras, though no longer operational in Nigeria, has shown renewed interest in re-entering the country’s oil and gas industry. “They’re eager to come back and have expressed specific interest in deepwater frontier assets,” Tuggar stated, according to a release from the Vice President’s office.
Petrobras, Brazil’s state-owned energy corporation, first began operations in Nigeria in 1998, focusing on deepwater exploration in the Niger Delta. However, it divested its Nigerian assets over ten years ago to concentrate on domestic ventures.
This potential re-engagement comes as Nigeria aims to leverage upcoming global summits hosted by Brazil—including the BRICS summit and COP30—to attract foreign investment. The country hopes to deepen bilateral cooperation with Brazil in sectors such as energy, agriculture, healthcare, and cultural exchange.
Earlier this year, Petrobras announced that it was in dialogue with various international partners, including ExxonMobil, Shell, and TotalEnergies, to acquire stakes in African oil assets—suggesting broader ambitions to expand its footprint on the continent.
Nigeria’s outreach is part of a broader strategy to boost foreign investment and revitalise key sectors of its economy through strategic partnerships and renewed global engagement.
